When is Earned Revenue Reported?
When starting out in your accounting studies some of the earliest material to be covered is that concerning accounting principles. These are the fundamental understandings or agreements in the field … Read More
Category: Tutorials
Do You Pay Tax on Drawings From a Business?
In my experience as a Chartered Accountant over the past 20 years, one of the areas that causes the greatest confusion for new clients is drawings. In particular the question … Read More
Contingent Asset Accounting and Analysis
In accounting a contingent asset is a possible asset the business will receive at some point but the existence of these benefits, and control over them, is to be confirmed … Read More
Accrued Revenue Accounting and Journal Entries
Accrued revenue is the recognition of income by the business that has not yet been billed, invoiced, or money received. In today’s accounting tutorial, the last in our series on … Read More
Accrued Expense Accounting and Journal Entries
When a business records an expense at the end of reporting period for which it has not received an invoice for nor paid we call this an accrued expense. Under … Read More
Prepayments Occur When Payments Are In Advance
Today’s accounting tutorial is going to look at prepayments, which occur when an expense or income is paid or received before contract obligations are fulfilled. This tutorial will be looking … Read More
Unearned Revenue Accounting
Unearned revenue is money received by a business for which the goods and / or services the payment is for have yet to be provided. Sometimes this type of revenue … Read More